You’d think that a massive-name celebrity faces no risk of losing their property, but take into account the newest casualty of the overheated U.S. housing marketplace: reality star Peggy Tanous.

For the uninitiated, Peggy is one of the cast members of the Bravo Network’s hit reality show, The Real Housewives of Orange County. Like several of her fellow cast members, Peggy is blonde, tan, and lovely.

Tanous, aged 41, is not taking this quietly, even so. She has sued BAC Residence Loans Servicing, U.S. Bank National, and PNC Mortgage. She claims the 3 banks didn’t honor a loan modification agreement that she created with them. Tanous, along with her husband – Web entrepreneur Micah – say they made timely payments on the property for about two years following getting it in 2006. The property is located in Irvine, California, exactly where the couple raises their two young daughters.

However, much like a lot of other Americans, the Tanouses have struggled to continue to maintain up. The lawsuit says the Tanouses have one mortgage for million, and a second for two thousand. The Tanouses claim they negotiated a payment strategy with the mortgage holders and have dutifully stuck to the deal. But, in November 2010, the Tanouses were served with a foreclosure notice. They claimed to be “shocked” at the attempted foreclosure.

The Tanous’ dilemma seems to mirror that of millions of Americans who purchased properties at overheated costs, only to find that the mortgage obligation was a lot more than they could manage. In the case of the Tanouses, the house sold for .379 million in 2006, only to be assessed for .377 million in 2007, .135 million in 2008, and five,000 in 2009.

According to the lawsuit, Tanous desires to remain in her house, stating “she does not want to lose the Property in a foreclosure sale.”

On The Real Housewives of Orange County, the Tanouses have been shown acquiring extravagances such as a Bentley, fancy jewelry, and plastic surgery. So, even though you may well not feel sorry for them, recognize that Tanous’ woes are not the initial example showing that even celebrities have been burned by the pop of the housing bubble in the late 2000s. Lately, 4 surviving stars of the 1970s hit Tv show Happy Days, along with the estate of the late Tom Bosley (who played Cunning ham patriarch Howard) sued Television network CBS for payment for merchandising rights. The stars claim that the network utilized their likenesses on such products as games, lunch boxes, and slot machines, but have failed to pay the stars for the privilege. In a San Diego Reporter article, it was reported that Marion Ross, who played iconic Television Mom Marion Cunningham, lost her home to foreclosure. Meanwhile, Erin Moran, who played Joanie on the show, is operating to stave of foreclosure of her own house.

The American Mortgage Justice Union spoke out lately, saying that “The present housing slow-down, produced in huge portion by the Monetary Services Market, is destructive for millions of American households.” But they also added, “A lot of households had been induced to more than-pay for their homes in reliance upon lender appraisals. When values fell by close to 50%, it became apparent how fraudulent the appraisals were. Frequent sense suggests that injured homeowners really should have a cause for action for damages against the lenders.” The Union is appropriate.

I don’t know if a faulty appraisal played a role in Peggy Tanous’ foreclosure woes, but I continue to be outraged that the market that helped produce this mess is resisting each effort to clean it up.

Clearly, the tentacles of the housing crisis have reached people of all demographics. It does not matter who holds an overpriced mortgage – banks and lenders have a moral obligation to support homeowners stay put, and to live up to their agreements.

Banks and lenders must offer mortgage modifications to underwater homeowners who have a genuine desire to do what they should to stay in their houses, no matter who that homeowner is, or how he makes a living. Banks and lenders must stop looking down their noses at homeowners in require, and get rid of the negative stigma surrounding mortgage loan modifications!

And – most importantly – if a bank enters into a mortgage modification and the homeowner lives up to the terms of that agreement, the banks need to abide by them as well. No changing your